Coastal Community Bank Invests in Workforce Housing Through Koz Development's PNW Attainable Workforce Housing Fund
Coastal's investment will also provide equity for Washington developments participating in Ballmer Group's Washington Family Housing Fund.
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Rhea-AI Summary
Coastal Financial (CCB) announced that its subsidiary Coastal Community Bank invested in Koz Development's PNW Attainable Workforce Housing Fund. The fund provides equity financing for attainable and workforce housing in Washington and Oregon. It seeks to serve working households that earn too much for traditional housing assistance but struggle to afford market-rate housing, with developments near jobs, education, transportation and essential services.
Positive
- Minor pointInvestment in Koz's PNW Attainable Workforce Housing Fund supports housing equity financing in Washington and Oregon.
- Minor point. Forward-looking: it has not happened yet and may not happen.Washington equity funding will also support Koz developments participating in Ballmer Group's Washington Family Housing Fund.
Negative
- None.
News Explained
The Bank announced participation in Koz’s fund; in Washington, its investment will also provide equity for developments participating in the Washington Family Housing Fund, a philanthropic partnership with the state housing finance commission.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Investment supports attainable housing for working individuals and families and helps leverage innovative public-private-philanthropic housing programs.
EVERETT, Wash., Oct. 09, 2026 (GLOBE NEWSWIRE) -- Coastal Community Bank (the “Bank”, “Coastal”, “our”) announced its participation in Koz Development's PNW Attainable Workforce Housing Fund, a community development investment focused on expanding high-quality, environmentally responsible housing for working individuals and families across the Pacific Northwest.
Koz Development's PNW Attainable Workforce Housing Fund (“Fund”) was established to provide equity financing for attainable and workforce housing in growing communities throughout Washington and Oregon. The Fund focuses on well-located housing near employment centers, educational institutions, transportation, and essential services — places where working households can remain connected to the communities in which they live and work.
The Fund is designed to serve households that are often caught in the housing affordability gap: people who may earn too much to qualify for traditional housing assistance but still face significant challenges affording quality market-rate housing. By pairing disciplined multifamily development with mission-aligned capital, the Fund seeks to expand housing choice for this workforce or “missing middle” while supporting resilient local economies and employers.
In Washington, Coastal's investment will also provide equity for Koz developments participating in Ballmer Group's Washington Family Housing Fund, a philanthropic partnership with the Washington State Housing Finance Commission created to accelerate the production of affordable rental homes for families.
In announcing the investment, Coastal Community Bank said, “Across the Pacific Northwest, many working individuals and families are finding it increasingly difficult to live in the communities where they work. Workforce housing is essential to sustaining a healthy local economy, supporting employers, and ensuring that communities remain accessible and inclusive. This investment reflects our commitment to helping address one of the most significant challenges facing our region.”
“At Koz, we take tremendous pride in delivering housing that makes a meaningful difference in people's lives,” said Cathy Reines, Founder and CEO of Koz Development. “Our residents are the people who keep our communities running — teachers, health care workers, public employees, service professionals, and working families. Creating high-quality, attainable homes for this missing middle is more than a development strategy; it is central to why we do this work. Partners like Coastal allow us to expand that impact.”
Coastal's participation reflects a growing recognition that the region's housing shortage requires multiple forms of capital working together. Investments in workforce and family housing can create long-term community value by supporting housing stability, access to employment and education, and the ability of communities to retain the people who make them function every day.
About Coastal Financial
Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC. The
Contact
Chris D. Adams, Executive Chair of Coastal Financial Corporation, cadams@coastalbank.com
Eric Sprink, Chief Executive Officer, esprink@coastalbank.com
Joel G. Edwards, Chief Financial Officer, jedwards@coastalbank.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this press release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this press release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to effectively evaluate and manage counterparty risk associated with CCBX partners and the risk that the conflicts in the Middle East and/or changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations and those other risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.
If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What housing fund did Coastal Community Bank invest in?
Coastal Community Bank invested in Koz Development's PNW Attainable Workforce Housing Fund, which provides equity financing for attainable and workforce housing in Washington and Oregon. The fund seeks to expand housing options for working households facing a gap between eligibility for traditional assistance and the affordability of market-rate housing.
How does Coastal Community Bank's investment connect to the Washington Family Housing Fund?
Coastal's investment will also provide equity for Koz developments participating in Ballmer Group's Washington Family Housing Fund. That fund is a philanthropic partnership with the Washington State Housing Finance Commission created to accelerate production of affordable rental homes for families.